Shares of Swedish manufacturer Saab fell following the crash of a Hungarian Gripen

The crash of a Hungarian Air Force Gripen C fighter jet had a noticeable impact on the stock price of the Swedish defense company Saab. Following news of the crash, the company’s stock price fell, although it had already been declining for six consecutive trading sessions prior to that.

According to the Hungarian publication Világgazdaság, following the report of the crash, Saab shares initially traded about 0.8% higher than the previous close but later fell about 0.7% below it.

At the close of trading on Monday, Saab B shares closed at 642.20 Swedish kronor, down 1.98% for the day.

The decline in Saab’s share price began even before the Hungarian fighter jet crash. Since August 17, the company’s shares have fallen in price during every trading session.

By comparison, on August 14, Saab B shares closed at 692.70 kronor. Thus, by Monday, the company’s share price had fallen by more than 7%.

The Gripen crash occurred amid this prolonged decline, but the market reacted swiftly to the news of the accident. After a positive opening, Saab shares quickly turned negative.

The very next day, the six-day losing streak came to an end. On Tuesday, Saab shares closed at 642.50 kronor, marking a symbolic gain of approximately 0.05%.

At the same time, such a slight increase does not yet indicate a full recovery of the company’s position on the stock exchange following the previous decline.

A Hungarian Air Force Gripen C fighter jet crashed near Szolnok. The pilot managed to eject.

The causes of the crash are currently being investigated. The Swedish company Saab has stated its readiness to assist Hungarian authorities in investigating the circumstances of the crash.

Attention may now focus not only on the causes of the fighter jet’s crash but also on the future of the Gripen program and investor reaction.

At the same time, the symbolic rise in Saab’s stock price on Tuesday currently appears to be more of a brief pause following a significant previous drop than a sign of a full recovery in the stock’s value.

This is reported by the publication Világgazdaság.

On Monday, August 24, a Gripen fighter jet belonging to the Hungarian Armed Forces crashed near the Hungarian city of Szolnok. The cause of the crash is currently unknown.

On August 17, a small private helicopter crashed on the Greek island of Sifnos in the Aegean Sea. All three people on board were killed in the crash.